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-run, healthy economy. that does have some effect on monetary policy. one of the most powerful tools we have is bringing down mortgage rates and stimulating home buying, construction, and related industries. so that is an issue we take into account. i would say one thing, which is that as the housing industry has strengthened and home prices have gone up, that has actually brought some people into the credit box, in the sense that the number of people, for example, who are underwater on their mortgages, is declining, as house prices go up. so as people have bigger down payments, bigger equity in their homes, they become more creditworthy. so to some extent, not -- i don't want to overstate it, but to some extent, monetary policy, by strengthening the housing market, helping support house prices, is bringing more people into the mortgage market. >> fox business. the stock market has been hitting all-time highs. it's recovered all of its losses from the financial crisis. i just want to know from you if i still have time to get in. but, seriously, how do you feel about that? is it good? is it b
to jump-start the economy, not just the stock market. let's go to nicole petallides at new york stock exchange. david: let's start, nicole. we start with fedex it was an extraordinary run-up. it was in the $100 range. it pulls back quite a bit. this is the biggest pullback since 2011? >> certainly is, the biggest pull back since 2011. concerns globally and also going to cut down what they're shipping over it asia. lauren: how is oracle looking ahead of their earnings release, nicole? >> we're watching oracle closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to talk. looked like they were sliding a bit. they stopped that slide. trading this the 50 to 60-point range on the dow. the s&p is doing better percentagewise. nasdaq is doing well. russell 2000, small and mid-sized caps doing well. there are interesting company stories and sect
economist. we're talking extraordinary weakness here, especially in the two most important economies, germany and france. >> yes. what we saw towards the beginning of the year, what we were hoping was we would see in the u.s. in the second quarter and maybe a third number. what these number res sharing, while we're seeing the rate of contraction to ease in the third quarter, around 4.6% declines. what we saw at the end of the quarter, regathering momentum and that puts the usa in a weak position heading into the second quarter. >> i was going to ask, too, the there's any way, these are sentiment surveys. these are not going on out and measuring production. what it does, it oles the companies themselves, asks them about data. pretty reliable whether it's the u.s. version of these or the global ones with tracking equity prices. and the point here is, this is the first reading of sentiment in march. yet it doesn't seem as though this was necessarily nud by the latest out of cypress. this would have all fallen before this happened. >> yeah. it's asking for hard information whether it is
, tyler, all about the federal reserve and the economy. >> and cyprus in there for good measure. it was a very busy news day. we're here to tell you all about it. the federal reserve did it again. says it's going to keep interest rates where they are, near 0%. and it also says it's going to keep up its bond-buying program. the markets like what they heard from the fed along with a pledge from the new head of japan central bank about its own bold, easing measures to be unvailed on thursday. as a result, stocks moved higher here about. the dow touching an all-time intraday high. the blue chips did close 56 higher. nasdaq up by 25 and the s&p 500 rose for the first time in four sessions adding 10 points and taking us to within a few of an all-time high. steve leaseman tells us where we go from here. >> the federal reserve voting 11 to 1 to keep its policy in place and purchasing $85 billion a month in treasury and mortgage-backed securities in an effort to drive down long-term interest rates. but the federal reserve chairman in the press conference after the statement came out, sug
on the pulse of the economy and consumers. landry's is one of the country's largest estaurant and gammably companies. he is here to tell us where he sees the biggest headwinds and opportunities right now. >>> call it the anti-student loan. investors will pay school costs for a piece of student's future income. isn't that interesting? can this help solve the student debt crisis? the ceo behind it will explain this break through because even when they say it is a not it is always about money melissa: first today's market moment. the bulls are back in the driver's seat. the fed says its policy to stimulate the economy will continue and investors breathed a sigh of relief. dow came close to setting a new record high. the nasdaq marched back toward a 12-year high. the s&p 500 finished less than seven points away from its all-time high. here is who made the big money, proctor & gamble, chevron, travelers and johnson & johnson and united technologies all closed at all-time highs. congratulationses if you own those stocks. >>> all right. our top story tonight how the government in cyprus is make b
's effort to stimulate the economy. and the fed chairman made comments about what's going on in cyprus and the economic and financial difficulties in that small country. >> so a lot of uncertainties and questions about how the way cyprus has created for other countries and the like. it does have some consequence. having said that, you know, the vote failed and the markets are up today. and i don't think that the impact has been enormous. >> finally, the federal reserve in its statement for the first time made mention of fiscal restraint, which is another way of saying the sequestration that many analysts did not think was going to happen. fed chairman did say that he has concerns that reducing federal spending could reduce economic growth. back to you guys. >> well, two big companies that could be considered bellwether to the economy had two big misses today. oracle, the world's third largest software maker came in shy as new software sales sell. on the numbers, oracle shares took a big hit. >>> and the other miss, fed-ex, the company reported weakness in international market as well a
understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses all stations come over to mithis is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ only hertz gives you a carfirmation. hey, this is challenger. i'll be waiting for you in
and teach you. so call me at 1-800-743-cnbc. i got two of them here. you've got the good economy. tremendous housing numbers, miraculous retail sales, terrific oil and gas markets. you have the bad economy. weakening commodity prices. slow commercial real estate business. really bad world commerce outlook. real soft information technology sales. you mix them all up together and you get the absolute perfect environment for the fed reserve to stay stock market friendly. that's exactly what happened today. ben bernanke allowed the averages to power higher. dow gained 56 points. the s&p rising today, nasdaq jumping .78%. it's not sleight of hand or alchemy at work here, despite what critics say when they constantly slam the fed. >> boo! >> bernanke is not playing a game of move the stock market higher by simply continuing to keep the competition from bonds incredibly weak. he's got a real good reason for doing what he's doing, which is staying the course, keeping rates low. that reason? 1937. see, ben bernanke is a rigorous guy. he's a professor and a genuine scholar of american financial histor
economy. its banks are not highly connected with the rest of the international financial system. there is no risk of contagion here. >> adam, actually, of all the ideas you laid out, which do you think is the least bad of all those solutions? is it going ahead and letting the banks fail? >> that would be my preferred route. failure implies that the banks can't pay their depositors. they are restructuring. they will be very orderly. basically, the banks would be closed for two days. what would come out is when they reopen, the depositors would be the large depositors because the small depositors would be fully protected. the large depositors would be the owners of a bank and they would have deposits of somewhere between 50 1k3 60 or 70% of their money and the rest of the shares in the new bank. the banks would be solvent. the banks could be highly capitalized and they would then have access to the ecb for refinancing to provide any liquidity. >> and the fallout from that would be that the russians -- >> and basically -- >> the fallout for that is that the russians are the ones wh
those economies dramatically, weakens those countries. and it also weakens italy. >> you're saying potential contagion. finally, how does it get resolved? michelle is talking about a good bank/bad bank, nobody pays on deposits up to $100,000. the bailout is 10 billion euros from the european -- ecb. the bail-in is about $6 billion euros. so greece is looking for whatever they're looking for, $4 billion, $5 billion. or does europe bail that out even more? >> the biggest factor of all, dan and i were talking a couple minutes ago, the depositors above 100,000 will lose 40% to 50%. >> those are russians. they're going to be pissed off. >> the great systemic problem of giant bank failures is somewhat eliminated by what they're putting forward now. >> what do you think, dan? does this work? >> for our viewers i don't think it matters. the specifics are super interesting, we're going to go have a drink. what matters to people at home, what matters to the larger story is we decided that people's property in banks was not their own. >> in europe or in the u.s., too? >> in europe only. >> th
bernanke will keep printing to bail out barack obama's weak economy. and print as many yen as it takes to bail out japan. the markets truly love it. europe is the odd man out. they've given ultimatum to cyprus, no bailout if you can't get it together by next tuesday. here is something else to get you fired up. cyprus wants to nationallize y payshun money. "varney & company" is about to begin. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futureses move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. >> thursday, march 21st. m headline today, ben bernanke
part of the economy that's being left at a tivitate now, and where's the exit strategy? >> and i think revenue could be an issue. oracle is out with its third quarter. revenue came at 8.6 billion versus 9.3 billion, an estimate. jon fortt has all the numbers right now. >> let's drill down to some numbers, maria. exactly where oracle missed, because this is a miss. on new license and cloud revenue, the street was looking for 2.57 billion. they came in at $2.3. on hardware product revenue, the street wanted somewhere around $800 million in research. they came in at $671 million. that's well below their guided range on that. and on non-gap operating margin, they came in at 47%, which is right about where the street was looking. they don't give guidance until the call, but this is really important, because they're guiding into their biggest quarter, their fiscal q4. also, larry ellison has said the hardware business was going to have a transition quarter in q3. we should expect to start seeing it growing in q4, given this hardware number, it's going to be especially important for them to b
this. gallup, fox news, rasmussen, after the economy, the number two concern to the people is the debt. i think there is a growing sense that government spending and government debt at these levels, it does act as a huge drag on the economy. connell: what we have been saying here, unless the interest rates start to go up, you can pull people and they can say whatever they want. their behavior will not change unless you see a spike in interest rates. >> it will be hard to get a spike in interest rates with the fed flooding the system with liquidity. the whole world is on painkillers right now. we have become addicted to liquidity, easy solutions and until the fed start to bring it in and interest rates go up, i do not see a change. dagen: do the people who are still buying taxable debt, you start to see money flowing back into u.s. stock. you see billions every week into world stock. >> i think we are somewhere close to the end of a bond bubble. for the third time in 60 years, we are looking at ten year treasury rates below inflation. that is, obviously, not a way to build over time. we
earnings cycle. also in this environment the u.s. economy is growing more like 2% and a lot less like 4 in that environment pricing is going to be challenged and the top line sales is not going to be universal for all firms. it will be balance sheet by balance sheet and case by case. security collection becomes far more important. >> i was going to say as you point out the profit growth picture has been pretty good but we are getting at the mature point in that cycle and the forecast is about 1% or 2% overall growth. there are always ways to make more money than the index tracking would lead you to believe. where do you think the pockets of possible better than average profits would be? >> so we do like equities. when you compare that to fixed income certainly in government space so we like equities and we like global equities. it will have to be a multi asset strategy which is kind of all of the above. looking at commodities and debt and equities and looking in companies in europe. there are good companies with strong balance sheets in europe, as well. looking into russia, indonesia, m
the to and improving global economy. everybody has thought, oh, europe is getting better. and the reason that they have is those credit spreads have gotten better. the european central bank have pushed those credit spreads down. the thesis has been that the global economy is getting better, but it's not getting were the. all of the economies in europe are deteriorating. japan is deteriorating. our market's moving higher because of money printing. once that -- once we get a spillover effect, some sort of a watershed moment in europe, you're going to want to take your assets off the table. >> well, that's a good point, but at this point, eric marshall, do you want to be takingoney off the table now? and if so, where do you put it? >> well, i think the important thing here, you know, stocks have been moving up over the last few months, really in response to improving corporate earnings. so i think you really have to focus on individual company fundamentals. and at the hodges fund, we really see this as the golden age for active portfolio management. you know, over the last few years, investors have really
than three hours from the federal reserve notes and whether or not it continues stimulating the economy at the current levels, keeps propping things up. why don't you just pick up from where we left off because talking about washington related to the bigger picture scenario not assist early today but the role the federal reserve plays in all of this as long as interest rates stay as low as they are, what do you think? >> the fed plays a big role keeping interest rates low. i heard on the fiscal side, you're right, maybe outside of the beltway the washington fatigue, but returned to the fed, everyday to indicate the fed keeps the pedal to the metal, 85 billion per month, there'll be some talk about scaling it back later this year. the thing to watch is the fed forecast. all the members put in the economic forecast for the next three years. my guess is it'll be a little bit more promising for social and employment rate above 6.5% until 2015 and that is the threshold, they will not move interest rates up before your employment rate gets to that level, that is still at least two years from
home building numbers today too. >> that too. we're in a niche market. the u.s. has had their economy outperform other economies and i think it's a flight to safety relative to the u.s. markets on one hand and it's an unwind from the bond market and risk exposure going forward to rate changes on the other hand. so it's both a flight to safety as well as, you know, what's really going on domestically and people are looking at a twist now with the fed and what their posture will be heading forward. >> i'll be back, adobe earnings at the top of the hour. >> take care, maria. >> what do you think? we're finishing positive here. this market doesn't want to go up? you think some of that's short covering? >> i think that's what we're see right now. finishing up the day. right now people will have to play it cautiously. we haven't seen the end of the cyprus thing. we have some negotiating going on from russia. the impact of that, as you mentioned, is a little minor relative to the size and scope of them, but it's whether or not that moves into italy, spain, as we've all been talking about. >>
. let's take a pause to digest all of what's going on. >> there are two economies here. kb homes, lennar, sherwin williams, whirlpool. there is the economy defined by fedex, by caterpillar and this morning by yorele cal. i was on the call last night. the cisco downgrade today. this dichotomy is allowing i think bernanke to not have to taper off. at the same time it calls into question how weak is that international market. seems very weak. >> did we get largely what we wanted from the fed yesterday? there were no big surprises within that. >> no. i think that was the point to not have any big surprises. i think there was a poignant moment yesterday that i think wasn't talked about enough where someone asked imputedly, i felt, because ben bernanke deserves better -- do you know anybody that's unemployed? do you note price of a gallon of milk? he came back, yes, i have a relative on unemployment. he's going to get unemployment down then we'll talk about tapering. until then we are playing a parlor game with the fed. i believe bernanke when he says these things. >> there's no reason to beli
at three bellwethers, fedex, and oracle. >> this is not ready to take off. the economy is not ready to take off. it does give us pause, maybe across the board. economy is slowing down, at least temporarily. >> ben bernanke did calm the markets yesterday. >> at this meeting, the committee judge says no adjustment. >> today, though, as investors look east to europe and ahead to an earnings season promising little profit growth, 2013's charmed life for stocks seems so yesterday. >> more now on the financial troubles in cyprus where the government is trying to come up with a plan to reorganize its banks by monday. that's the deadline set by the european union officials. if they don't, it could mean collapse of the entire banking sector. as michelle caruso-cabrera tells us, that fear is being felt on the streets. >> reporter: cyprus yet another country in europe where the devastation from the financial crisis is being felt throughout the population. throughout cyprus lines could be seen at the atms of the country's weakest bank, people desperate to take out cash because they're on the verge of f
ready for the next hour. bill, good to see you. have a great weekend. by the way, does a bad economy bring euphoria to the walking dead? >> i think it does. >> we'll talk to the creator later. >> that would be her zombie walk there, as she moves on to the next hour of the "closing bell". >> do earnings matter or is it still about the fed? >> it seems like earnings mattered yesterday a little bit. i don't think cyprus was the reason we sold out. are they going to matter going forward? i don't think so. not for the next three months. the fed is still the major factor in this. cyprus isn't a factor yet. earnings aren't a factor. the fed has definitely cleared the -- >> it's about liquidity in this market. >> absolutely. i would like to see more liquidity as far as volume goes. you get an 85-point rally off yesterday's sell-off, small volume, not much of a factor. but cyprus will lead the day monday morning in a short week. >> all right. thank you, matt, very much. all right, we've got a market coming back a little bit. needed to be up 92 to be positive for the week. we're ten points awa
-year slowdowns in the economy. we had it in 2010, 2011, 2012. everyone is on the lookout for it again. i think what the fed has been doing represents a key difference between those three years and now, because then we had stopping and starting with qe. you had end dates. so you had the market in anticipation of ending and then wondering whether they were going to pick it back up again. because this is open-ended, i think the fuel that it provides is longer lasting and represents a key difference in part of the reason why i think we'll avoid this fourth consecutive slowdown. >> heidi, the other big story of the week is cyprus, of course. cyprus a tiny company. a big banking system that is a big percentage of the gdp of that tiny country. so how does this play out? how do you think this gets resolved? and should we worry about an impact in the united states? >> well, we definitely shouldn't worry that it's going to impact the united states, because we have different rules here. what happened in cyprus is europe likes drama. it's the birthplace of opera. it has the birthplace of a lot of forms of
term, do you think this economy improves second half or do you think it slows down? >> i think, as a matter of fact, we're probably in the second quarter. you'll start seeing slow growth. but i think as this summer winds, you know, goes through, we'll start seeing some growth again. i do think that by the end of the year, we're going to be not a lot higher, but i think we'll be at all-time highs as the year goes on. probably the the end of the summer, the third quarter going into the fourth quarter. i'm positive. >> so bill, because the s&p capital iq estimates call for 0.6% growth the first quarter and then it goes up to 7%. so they're expecting profits to actually reaccelerate second half. >> lee munson, you're the only outside guest buying stocks here. what are you buying here? >> you know, i'm just focusing where i need to get some more exposure. i'm focusing first on emerging markets. they've lagged year-to-date. i think they can outperform by december 31st. i like the emerging markets to add more money today. i would also say, add more money to the s&p 500 today. the only
that the eurozone crisis may be impacting that region's biggest economy. crude fell 1.1% settling, $92.45 a barrel. sandra: miners outperforming as gold ends the session higher, still above the $1600 mark which everybody is watching im gold and newmont mining, barrick gold, kinross, all top performers up, between two and 4%. adam: you like banks? financial sector feeling the squeeze again as the turmoil in cypress continues to play out without a resolution. goldman sachs and morgan stanley, they led the declines. sandra: who needs a wallet? the mobile payment industry is one of the fastest growing areas in tech. $171 billion. we're telling you how to add some cash it your portfolio by investing in this cashless trend. adam: we've got new data out showing more consumers are cutting the chord and saying good-bye to pay it. v services. time warner, are you listening? does the trend mean you should say good-bye to cable stocks? a top on lift tells us which names will feel the pain and which ones will ride this trend to cash success. "after the bell" starts right now. sandra: first we'll tell you what
territory showing eastern manufacturing growth in february. so is all of this a sign the economy is improving? joining me now is michelle gerard, most fabulous u.s. economist for rbs. [laughter] how do you like that? did you know your title had been changed? >> i'm going to get my business cards reprinted. melissa: fabulous, why not? [laughter] talk to me about this data. did it make you feel good about the economy? is it a sign we're moving in the right direction? >> i tell you, you know, i -- it's hard for me to believe that the economy, um, is doing as well as it is. i mean, we've still got all the uncertainty about washington, and i think, you know, what's going on in cyprus is a reminder we shouldn't be so complacent about the eurozone, but the economy is really looking to be doing better than i, um, had even hoped that it would be. you mentioned the jobless claims numbers. i mean, there's something going on there. the trend there is nicely, has moved down nicely. it really kind of corroborates the strength we've seen in the employment numbers in the last couple of months. w
. cheryl: ideal economic environment, you're looking at the economy even though we had kind of a mixed picture today and then, again, corporate valuations. that's the bulls' side of this. john, i know you're bearish. you're calling for serious corrections on the s&p and dow. you're saying it's going to happen sooner rather than later. what are you seeing on the other side of the coin here? >> well, look, when things are euphoric, which they are, when alan greenspan comes out and says pie stocks along with the movie stars and, of course, our good friend, ned, then you should be looking to sell. and i'd also like to say this, i was on the show here last april 2012, we were pounding the table then, but right now you've got some real headwinds, and i'll give you a few of them. one, gdp is benign, .1%, you know, in fourth quarter of 2012. analyzed numbers are running around 2%, it just isn't keeping up. unfortunately, the treasury market is not confirming here. you know, if the ten-year was at 275, i'd say we'd probably leg up here, not happening. you know, and i think, thirdly, look at ear
. a market and economy dependent, i guess, but absolutely, they're going to keep printing until they feel they don't have to anymore which is probably a long time away from now. charles: buying the dips, thanks a lot, larry. that's by the way the opening bell, and the markets are ringing, the futures have been up all morning long and let's check the big board. dow up 29 points and ticking away. and the market is up and fedex we talk about that being something of a proxy for the economy. and they reported the numbers this morning and the profits were lower, and maybe people are buying or not shipping as much of the certainly we want to find out what's going on. let's go to nicole petallides on the floor the of the new york stock exchange. >> we're seeing fedex to the down side and the transportation index is higher and the dow is up 51 points. fedex comes out here with the numbers and they talk about weakness that hit their profits and they're actually trying to cut costs, but in cutting costs they actually incur cost toss cut costs so they're noting that as well. and year to date, fedex i
, there will have to be budget cuts behind the sequester. the sequester will not be the end of it, but the economy is recovering. i wouldn't say in spite of what the govern am hment has done. the economy is recovering of its own natural forces now. we've had 12 years of subpar growth. we've had 12 years of up and down with little net progress in the markets and people have forgotten what a strong economy and what a bull market -- a secular bull market looks like, and i think that's generally where we're headed for the next four years, so i'm predicting, as you said, 25,000 on the dow which implies a 15% compound rate of return for the next four years. >> john, can i just come back on the important points that you're making about europe. i'm not sure it's a question of what america trades with whom. it's a question of where the companies that are quoted on this market make their profits and in technology, for example, 40% of those profits are made in europe and therefore europe arguably is more significant than you might think on the trade argument having said that. this is a very interesting week
an economy on the brink potentially of collapse. how far might the dominos fall? >>> domino's. i like domino's sugar, but i like milk a lot. i drink a lot of milk. you got money? you got milk? the milk industry as an utterly big problem on its hands. think about it. >>> and new costs. they may be about to get passed on to you in the milk market. the stock market has taken a hit, sue. >> i'm laughing at the "udderly," and it's utterly ridiculous that some things down here are focusing on. we're down a little bit but not as much as one would think given all the headline risk you outlined. the dow jones industrial average is off 54 points, the s&p is off 6. the nasdaq off about 18. gold has a little bounce, 5 bucks or so, and west texas intermediate is trading down about a buck on the trading session. u.s. markets falling due to some less-than-stellar corporate reports in the last 24 # hours. it's also worth noting that european stocks traded lower today on weaker than expected manufacturing data. and, of course, we're basically down from london all the way across to madrid. most of the europea
and the economy. a suprising new study from bankrate.com shows when the payroll tax cut ended this year, it did not have a major effect on all consumers. "more than half of americans haven't noticed the payroll tax expiring at the first of the year. and, even more surprising, those that were expected to cut back on their spending as a result - the lower-income households - are the least likely to have cut back on their spending." greg mcbride of bankrate.com says americans earning between $50,000 and $75,000 were more likly to cut back on spending because of higher payroll taxes, compared to people making $50,000 or less, who did not change their spending habits as much. tuning in now to some corporate earnings, friday, two big-name stocks provided a lift to the markets. tiffany sparkled when it reported solid 4th-quarter results as sales in asia picked up, especially for silver jewelry, while darden restaurants also beat the street. revenue was up thanks to some new restaurant locations. however, it did see net income drop due to slower sales at red lobster. the chain has been in heated compet
, and it was a race about the economy and it was not a race about social issues and it's not a race about the various flaws that gingrich has. right now the republican party is fast moving away from what santorum said. we don't need to tell ourselves that we're great if we stay more conservative. the republican party as an institution is trying desperately to expand itself beyond that and while conservatives are saying what santorum is saying if only we had been more pure in 2012. >> how can he go to the senate at the same time you want to go right. there's a struggle, but if -- >> my hunch is they're going to go right because they'll see it coming and they'll say we're not going to be there and let's have some fun. great reporting and great scoop. michael sheer, thank you, as well. >> up next, michele bachmann has a knack for stretching the truth and she does and he's back at it this week. our bachmann pants on fire fact check. this is "hardball," the place for politics. while keeping out threats to your operations? it's not working! yes it is. welcome to tyco integrated security. with world-class m
on with the economy... fed ex shares hit a road block with investors-- falling-- more than 7 dollars yesterday.. after the company revealing profits fell 30% last quarter wtih weakness in asia. the company also pulled back on its full year forecast. shares of caterillar lost more than a dollar. the construction equipment company said sales of its machines are down 13%. homebuilder lennar attracted buyers as the stock rallied $2 as the company reported its well positioned for this year and next. monster energy is changing the way it markets its products. energy drinks will now be classified as a "beverage" -- instead of a "dietary supplement." under the switch: monster will no longer be required to inform regulators about reports linking its drink to injury or deaths. rockstar energy made a similar move. energy drinks are under intense scrutiny after a 14 year old girl died after drinking two cans in one day. as for the tobacco industry.. graphic images of diseased lungs will "not" appear on cigarette labels. the government has dropped its push for such warnings on packages and will go bac
, the people of california care about most right now: the economy. >> 71% of likely voters say getting control of the federal deficit should be the top priority for congress this year. 52% say immigration reform is a top issue. 42% say new gun control policies are the most important issues. and 33% say efforts to combat climate change should be the priority. >> 7:08. we know what sal's priority is keeping a close eye on traffic. >> okay. right now we are looking at a community much better than it was yesterday. we have slow downs obviously. let's take a look at the bay bridge. earlier minor crash. didn't last for too long. but the metering lights were turned on and slowed down for a bit. so it's a little worse than it normally is. backed up to the mc arthur maze. 30-35 minute delay. if there are no other problems on the bridge, this will begin to wind out and by 8:00 see an improvement. this morning's commute has been busy on 880 between hayward and fremont. we're talking about the livermore valley as well. westbound 580 slowing coming in over the pass. but no problems into castro valley. let'
? >> reporter: will drivel through the local economy. $20million every time the ncaa comes to town. this is the third time in seven years. >> 15, 17 hours a day, we've been here in the building. we love it. it's march madness, it's fantastic. >> reporter: with ice hockey a shortened season, six basketball games over today and saturday are especially welcome. for cal, it's almost like a home court. >> fans are so close to the action. it creates a terrific atmosphere. >> reporter: loud too at local bars and restaurants, where the games dominate tv. >> cardinal fans, rams fans, th st. louis got their win, then watched all day. >> i can't believe how clean and beautiful the city is. everybody that we've seen has been so great to us. even the opposing team. >> especially the first two days of the ncaa tournament. a lot of upsets. you can hear the buzz, and people are pretty fired up here. >> reporter: once a cal player, now a fan, this dad paid $100 a ticket. >> i've only been here to see madonna. never been here for a sporting event. it's clean, high-tech. we're in silicon valley, it's
: the money spent on basketball -- >> is that all for you? >> reporter: will drivel through the local economy. $20million every time the ncaa comes to town. this is the third time in seven years. >> 15, 17 hours a day, we've been here in the building. we love it. it's march madness, it's fantastic. >> reporter: with ice hockey a shortened season, six basketball games over today and saturday are especially welcome. for cal, it's almost like a home court. >> fans are so close to the action. it creates a terrific atmosphere. >> reporter: loud too at local bars and restaurants, where the games dominate tv. >> cardinal fans, rams fans, and big billikens fans. >> reporter: this couple from st. louis got their win, then watched all day. >> i can't believe how clean and beautiful the city is. everybody that we've seen has been so great to us. even the opposing team. >> especially the first two days of the ncaa tournament. a lot of upsets. you can hear the buzz, and people are pretty fired up here. >> reporter: once a cal player, now a fan, this dad paid $100 a ticket. >> i've only been here to see ma
really silent since saying the budget sequester will produce very big lay-offs and a weakened economy. he's gone radio silent. we know next week that will be the week when the president will most likely use his podium to talk about how horrible sequestration will be, because it kicks in at the end of the month. perhaps the excellent jobless numbers we got this morning will be the last good one if it's as bad as obama scares us into thinking it is. we know that local and state governments are cutting back. that's not positive. finally, there is this missed quarter evidence. federal express did blow up. it was not a good number. caterpillar is down 12%, retail sales number might not translate into weak earnings. i was prepared for cat sales to be flat, maybe up a little, not down double digits. then we got oracle. while oracle almost always bounces back, making my charitable trust which owns the stock want to buy more, i have to believe the macroenvironment has gotten worse than we thought. oracle is not that bad a company. you don't want to get too negative either. what could be right? whi
. it will remain the pattern as long as the economy keeps growing and it will be the pattern as far as the eye can see. i want to take callers now. i did a mess with the cheerios boxes here. mark in new hampshire. >> caller: jim, how are you? >> i hurt my back on saturday. >> caller: boo-yah, brother. i've got a question for you. i own monster. i did really well. was up by 200%. i didn't sell it like an idiot. now it's down and should i dump it down because of the heart attacks and last week's study about the heart conditions, all that good stuff? i don't know if i should dump it, even though i'm up a little bit and take that and maybe buy something else to try to get my position down. >> first of all, you're too hard on yourself. when you say you're an idiot, that's the way i talk. don't be like me. you're going to have to take medicine. here's the problem. there have been a couple senators writing letters about monster and the letters read real bad, okay? you don't want senator -- we have enough problems with stocks. we don't want senators putting the hate on you. hi, hater, i'm a seller. sell,
and yet we still wait. the same time it's growing increasingly chaotic in this country's economy because the banks are still closed. they have been closed for seven days now. it looks like they will be closed for at least ten days. that means people running businesses can't do payroll, can't access their capital accounts. becoming incredibly difficult, become a cashless society because people are limited to 260 euros out of the atm. as a result, for example, gasoline stations only accepting the cash, the vast majority of them. some are accepting credit cards but only in limited amounts. we spoke with the owner of one gas station and he explained that his suppliers are demanding cash up front. >> they are a company that can bring us fuel only with cash, so we try to take as much cash as we can so it can bring fuel and not close the station. >> so they have now put a limit on the amount of money you can take out of atms, 260 euros, as i said before. a couple days ago you could have taken out as much as 1,000. what's unclear now is what's going to happen on tuesday morning. are they finally
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